Victim of Financial Fraud? Call Now

Michael Bailey Allegedly Misrepresented Requirements of Variable Life Insurance Policy

Oct 28, 2022 Misrepresentation

Michael Bailey (CRD #: 1661367), a broker registered with Ameriprise Financial Services, allegedly misrepresented an insurance product, according to his BrokerCheck record, accessed on October 15, 2022. If you have questions about his conduct as a broker, read on.

Investor Dispute

On July 11, 2022, an investor alleged that Michael Bailey misrepresented the funding requirements of a variable life insurance policy purchased in 2006. This dispute was denied by the firm.

Investors should know, however, that firms don’t need to permit an external review before denying disputes. Investors can still seek out FINRA arbitration and potentially recoup their losses after a denial.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of manipulation, deception, or other unethical tactics to influence investors’ decisions. Misrepresenting an investment’s risks, returns, or other features violates this rule.

Background Information

Michael Bailey has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Michael Bailey is a registered broker in 13 states and a registered investment adviser in California.

He previously worked for IDS Life Insurance Company (CRD#:6321).

Kurta Law Can Help

If you worked with Michael Bailey and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.